(a) (1) The Regents of the University of California shall give public notice to bidders of the sale of University of California real property situated in California if the estimated value of the real property to be sold exceeds the amount specified in paragraph (2).
(2) Paragraph (1) shall apply to real property whose estimated value exceeds one million dollars ($1,000,000) net to the seller.
(b) Notice of the sale of real property shall be by publication a minimum of six times, between 2 and 12 weeks preceding the day set for receiving bids, as follows:
(1) A minimum of three times in at least one newspaper of general circulation in the county in which the property is situated.
(2) At least three times in a newspaper of general circulation in the City of Los Angeles, the City of San Diego, the City of San Francisco, or the City of Sacramento, whichever is deemed most appropriate by the regents.
(3) The published notices shall specify the general description of the property, the source for bid materials and information, and the date and place for the receiving of sealed bids.
(Amended by Stats. 2014, Ch. 361, Sec. 1. (AB 2726) Effective January 1, 2015.)